Nokia’s acquisition of Alcatel-Lucent was cleared on Monday by China’s Ministry of Commerce (MOFCOM), the last major regulatory hurdle to the €15.6 billion deal.
"Completion of the material antitrust reviews is another significant milestone in the transaction, as we ready ourselves for operating as a combined company," said Nokia CEO Rajeev Suri, in a statement.
In August, the Finnish vendor agreed to create a joint venture with Alcatel-Lucent’s Chinese partner China Huaxin. Nokia will acquire Alcatel-Lucent’s 50%-plus-one-share holding in Alcatel-Lucent Shanghai Bell, while China Huaxin will continue to hold the remainder. The unit will be renamed Nokia Shanghai Bell.
"Through Nokia Shanghai Bell, we look forward to maintaining our deep commitment to China and playing a key role in the country’s shift towards an innovation-driven economy," Suri said.
After receiving EU approval in July, and a green light from the U.S. in September, China was until Monday the last major jurisdiction to clear the transaction.
Nokia and Alcatel-Lucent still need to obtain formal approval from France’s Ministry of Economy (MINEFI), after which Nokia will proceed with the public exchange offer for Alcatel-Lucent’s shares.
After that, the deal remains subject to the successful compl etion of said exchange offer and approval by Nokia shareholders.
The deal is expected to close in the first half of 2016.
